BUY sell RENT
Patna

Prime Factors to Own
your House inPatna. (24/01/2014)

There’s lot of good reasons for
becoming a homeowner in Patna. Social and
financial benefits are key factors when it comes to deciding to
buy an apartment inPatna. Home
ownership allows people to grow wealth slowly over time, to hold
assets that build equity, and to bring stability into hustle-
bustle lives of a city like Patna.

The top five benefits of
homeownership inPatnaare:-

1.Savings: One can
easily find that long-term homeownership is still a way to get big
savings in the long term.

2. Tax
Breaks:The government ofIndia
allows tax benefits on home loans. Consult section 24 (D) of Indian
Income Tax Act.

3. Equity: When you pay a landlord, it’s
money down the drain. When you pay on a home loan, you are paying
towards owning a piece of something. You may still owe Rs.1000,
000, but perhaps the home is worth Rs.2000,000. This means you have
Rs.1000, 000 worth of equity; that you’ve built up over time.

4. Budgeting: Each lease renewal
(usually every 11 months in Patna now) could mean a jump in prices.
A fixed-rate home loan, however, means your monthly payment is the
same amount for the life of the loan. A Rs1, 000 a month payment on
a 30-year home loan is the same now as it will be in 30 years!

5. Security: When you own, it’s yours.
You can paint, improve, and decorate. The trees and flowers are
yours to enjoy — for a lifetime if you wish. Most homeowners are in
neighborhoods with other homeowners, meaning more time to build
relationships and friendships. Recent studies have also shown that
homeowners rank themselves as healthier than their renter
counterparts in Patna.

Should you rent or buy in Patna? If
you have decided to stay in this city for your life the answer is
BUYING. However if you are temporarily living in Patna and your
stay will be less than 5 years then it is better to rent. Remember,
the residential rental yields in Patna(most of areas) are very
low.

If you buy you are now making an
investment inPatna for your
future through home price appreciation. Once your home loan is paid
off, you’ll have a real asset. That brings real
stability. Home affordability though is becoming a challenge
in Patna with each passing day. Now is a good time to run the
numbers and see if buying makes good financial sense. If it does,
then you’re in store for a wealth of benefits that only homeowners
can experience in Patna.